50ALand tax surcharge for related absentee corporations

50A Land tax surcharge for related absentee corporations (a) for the purposes of this Act, the Commissioner has treated related corporations as a single corporation; and See section 50. (b) at least one of those related corporations is an absentee owner that is an absentee corporation. S. 50A(2) amended by Nos 40/2016 s. 25, 17/2019 s. 42, 18/2023 s. 32. (2) Each of the related corporations is jointly and severally liable for land tax on the land all of the corporations own determined using the following formula— B is the amount determined by applying the applicable rate set out in Part 1 of Schedule 1 on the taxable value of all of the land owned by the corporations; C is the taxable value of all of the land owned by the absentee corporations. Pt 3 Div. 3B (Heading and ss 50B, 50C) inserted by No. 52/2021 s. 58.